Bitcoin price sends overwhelming traffic to crypto exchanges

As Bitcoin price tanks and struggles to regain the value it was enjoying at the beginning of the year, platforms and exchanges across the globe have experienced masses of traffic – causing websites to either bomb out or see slower transaction times and loading speed.

In the middle of the week, both Coinbase and Binance experienced delays in withdrawals of Ethereum and Ethereum-based ERC-20 tokens because of increased traffic on the blockchain. Both platforms showed reports of “congestion on the Ethereum network” on their status pages – emphasising that that was the reason for delays in transactions. According to Coinbase, the same reason has resulted in limited and intermittent access to the platform’s website and app.

Coinbase and Binance aren’t the only platforms to experience problems though. United States-based Kraken briefly went down, meaning users of the exchange could not trade on the platform. Gemini, the New York-based exchange, also faced issues and the status reported that it would be undergoing emergency maintenance to correct the issues. According to the exchange, security remains the top priority and that all “customer accounts and funds remain completely secure.”

The surge in traffic also took its toll on analytics and data site CoinMarketCap which went down too.

Crypto traffic problematic in the past

This is not the first time Coinbase has experienced issues when Bitcoin s price makes major movements. The platform has struggled with traffic congestion and has gone offline several times. While funds might remain safe, the fact that users cannot trade during critical times makes it difficult for investors to take advantage of the movement and might lead to lost cryptocurrency because they simply cannot buy or sell.

As it stands, Bitcoin price is $40,202 USD and although it’s looking at a modest 2.36% increase in daily trading, it’s a whopping 21.32% decrease from this time a week ago.

Related Articles

Gemini’s new HQ in Ireland as part of Euro expansion

Cryptocurrency exchange Gemini has announced Ireland as its European headquarters amidst regulatory uncertainty in the US.

European Risk Board: Crypto requires more oversight

According to the European System Risk Board, cryptocurrency might not be linked to traditional finance but still requires more oversight.

South Korean crypto law tightens for officials

Those in positions of government authority will be required to declare their cryptocurrency holdings if a new bill is passed.

CBDC news: Major amendments to digital ruble bill

Russian lawmakers have proposed significant amendments to the ruble digital currency, allowing non-residents to participate using the CBDC.

See All